This fact is a bit obvious but I think people often forget: government websites are a wealth of knowledge.
For Compliance Officers, dealing with regulators is part of the job description. It is very important that the compliance officer does not reveal too much information when dealing with a regulator because that could be used against it in other matters. So, if there are ways to get information without having to provide information to a regulator is very useful. Luckily, the US regulators are all about providing as much information as possible.
Take, for example, the Securities and Exchange Commission (SEC). The SEC provides not only its organizational breakdown, but on each of the division’s pages, there are links to decisions, interpretations and research coming out that division. If you work for an investment manager, you, hopefully, won’t have to deal with the Enforcement Division. It is SEC’s division of lawyers who investigate possible misdeeds. Go to SEC’s Enforcement page and there you can find all of the Administrative Law Decisions made since 1960. Go to SEC’s Corporation Finance page and it will provide SEC Reporting accountants all of the official Disclosure Interpretations. Did the SEC just conclude its triannual exam of your fund? Well, go to SEC’s Investment Management page where you can learn about what kind of cybersecurity the SEC might ask you to implement to keep your clients more safe.
All of the regulators have incredible amount of resources. Money Compliance intends to be a resource as well. Regulator’s web pages are well organized, but they aren’t user-friendly for those who do not know where to begin. Under Resources, Money Compliance will begin to make this clear for Compliance Officers. It will try to explain where to go first depending on your role or the various common questions compliance officers ask. Right now there isn’t anything in the Resources page, but keep checking. Over the next few weeks, it will be more robust.
Harper Lee has published her second book Go Set A Watchman; will you read it?
About the Author: M. C. Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses.